Wednesday, October 21, 2009

I guess we now know what it means to get in the good books of Euromoney?

First it was Abu Dhabi Energy acquiring Prime West Energy Trust. Then it was Hong Kong Billionaire Li Ka Shing acquiring TransAlta Power Income Trust and now we have Korean National Oil acquiring Harvest Energy. Meanwhile where is Euromoney man’s proof of tax leakage that was the false and fabricated argument for this insane policy? None of these buyers will pay a dime of taxes in Canada on these company's earnings, and are displacing Canadian investors who were happy to pay taxes at the rate of 38%. There's your tax leakage. Tax leakage created by this very policy.

Well done Stephen Harper and Jim Flaherty. You have made it an embarrassment to be a Canadian, as your actions have made fools of all of us.

The buyer will pay C$10.00 per unit for a total cash consideration of about C$1.8 billion, and assume C$2.3 billion of debt. The price represents a 47% premium over the 30-day weighted average trading price of the units on the Toronto Stock Exchange up to and including yesterday.

Canadians are a pathetic lot. They prefer to be serfs on their own land. Oh, I forgot that Canadians don't own the land they live on preferring to work for their foreign masters for chump change. Of course Jimmy has helped Canadians achieve their dream of total foreign control. Welcome foreign investors, come on, come all, juicy tax free cash. Lastly Canadians, Jimmy doesn't want you investing your dirty cash here and it seems to be working according to his sadistic master plan.

EVENTS

Income Trust Halloween VigilThanks to all who participated in both the Ottawa and Calgary vigils to mark the anniversary of the announcement.

WE"D LIKE SOME ANSWERS

As you well know, the ‘income trust thing’ has grown beyond the
question of whether fair taxes are paid on income from trusts. It’s
become a giant dirty snowball, and as it rolls forward it accumulates
more and more bulk. There are so many unanswered questions. Let's list a few and invite our "Accountable" government and our free press to provide some much-needed answers.

It is said “Trusts are inefficient use of capital. Why?” Two
related questions are ‘Whose money is it, anyway?’, and ‘Do Canadian
investors have a free and efficient market?’

How can information that is already in the public domain at SEDAR
make for a state secret? How could such information be used to harm
the Canadian national interest? And who would cause the harm?

Why won’t the Canadian media investigate the falsehoods and
misrepresentations told by the Minister of Finance to a committee of
Parliament? Was the Minister in contempt of Parliament?

Why won’t the Canadian media report (a) government tax revenues
gained from BCE in 2006 when BCE was a corporation to (b) government
tax revenues that would be gained in 2007 from BCE, if BCE had been
allowed to proceed to a trust, and (c) government tax revenues that
will be gained in 2007 from BCE, when BCE ownership has been carved
up as 45% foreign ownership and 55% large Canadian pension fund
ownership?